Countries commencing industrialization with relatively low levels of agricultural productivity, hence low wages, enjoy advantages that can also prove host to daunting challenges. The chief advantage is a relatively elastic supply of labor for manufacturing; the chief challenge is how to free up...

"Between 1920 and 1950 America saw an unprecedented expansion of wealth and power underwritten by technological innovation, cultural confidence, and victory in war. American elites won World War II, rebuilt the world order with America at its head, inaugurated the jet age and put a man on the...